Independent Bank Corp. (INDB) Announces Earnings Results

Independent Bank Corp. (NASDAQ:INDB) posted its quarterly earnings results on Thursday. The bank reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.01, Bloomberg Earnings reports. Independent Bank Corp. had a net margin of 23.62% and a return on equity of 9.80%. During the same quarter in the prior year, the company earned $0.78 EPS.

Independent Bank Corp. (NASDAQ:INDB) traded down 0.52% during midday trading on Thursday, reaching $66.35. 70,796 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $65.47 and a 200 day moving average price of $64.38. The company has a market cap of $1.79 billion, a P/E ratio of 22.49 and a beta of 0.97. Independent Bank Corp. has a 12 month low of $46.75 and a 12 month high of $71.95.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Monday, June 26th were paid a dividend of $0.32 per share. The ex-dividend date was Thursday, June 22nd. This represents a $1.28 dividend on an annualized basis and a yield of 1.93%. Independent Bank Corp.’s dividend payout ratio is currently 43.39%.

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INDB has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $71.00 price target on shares of Independent Bank Corp. in a research note on Wednesday, June 28th. Zacks Investment Research downgraded shares of Independent Bank Corp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 22nd. BidaskClub downgraded shares of Independent Bank Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Sandler O’Neill upgraded shares of Independent Bank Corp. from a “sell” rating to a “hold” rating in a research note on Monday, May 15th. Finally, Compass Point upgraded shares of Independent Bank Corp. from a “sell” rating to a “neutral” rating in a research note on Tuesday, March 28th. Six research analysts have rated the stock with a hold rating, Independent Bank Corp. currently has a consensus rating of “Hold” and an average price target of $61.00.

In other news, Director Carl Ribeiro sold 1,000 shares of the stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $62.24, for a total transaction of $62,240.00. Following the sale, the director now directly owns 14,647 shares of the company’s stock, valued at approximately $911,629.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Gerard F. Nadeau sold 6,103 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $63.71, for a total value of $388,822.13. The disclosure for this sale can be found here. Insiders have sold a total of 16,733 shares of company stock worth $1,068,441 in the last quarter. Company insiders own 2.67% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in Independent Bank Corp. by 4.7% in the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock valued at $120,000 after buying an additional 82 shares during the period. Ameritas Investment Partners Inc. bought a new stake in Independent Bank Corp. during the first quarter valued at about $145,000. State of Alaska Department of Revenue raised its stake in Independent Bank Corp. by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 3,000 shares of the bank’s stock valued at $195,000 after buying an additional 70 shares during the period. Bank of Montreal Can raised its stake in Independent Bank Corp. by 42.1% in the first quarter. Bank of Montreal Can now owns 3,036 shares of the bank’s stock valued at $197,000 after buying an additional 899 shares during the period. Finally, SG Americas Securities LLC raised its stake in Independent Bank Corp. by 47.3% in the first quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock valued at $197,000 after buying an additional 973 shares during the period. 76.87% of the stock is currently owned by institutional investors.

Independent Bank Corp. Company Profile

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.